What a terrific story to come out after my post on Friday, Vegas Boom 2.0! The story below from Fortune on CNNMoney.com talks about investors eyeing opportunities to pick up land cheap.  In all honesty, I am surprised to see this type of story this soon.  I know it is land and not property but I believe price reductions in Real Estate are starting to look quite attractive to some entities.

The current Real Estate market comes down to the Supply and Demand Curve, when prices get low enough, TRUST ME, there will be buyers to pick it up.  In a typical cycle, the demand wouldn't be this plentiful but there have been some major factors that have contributed to it, i.e. record foreclosures, reduction in available mortgage products and the overall credit crunch.  Oh, by the way, media negativity has not helped the situation AT ALL.  Such is the nature of any market, what goes up must come down, and vice-versa.  These factors will extend the down period a bit, but once the market learns how to deal with the changes we will see a rebound in many major markets across the country, Vegas included!  You can count on seeing more posts about Vegas Boom 2.0 when more relevant information comes about.  Until then, this quite optimistic article made me question if the media is sick of reportingabout "Doom and Gloom".  Hmm...I guess it's a start!

• The new land grab
• Private equity firms and hedge funds are snapping up cheap land in markets where real estate has gone from boom to bust. Fortune's Katie Benner reports. By Katie Benner, Fortune reporter September 17 2007: 10:00 AM EDT
  
• (Fortune Magazine) -- Picking off land from over-leveraged homebuilders during crashing real estate markets was once the purview of local developers. This time, however, global players, including D.E. Shaw, Apollo Real Estate Advisors, and the Rockefeller Group, are eyeing land in Florida, Colorado, California, and other subprime-ravaged states.
• Their plan is obvious in the wake of the real estate meltdown: buy these hard assets and wait until the markets bounce back. "The Rockefeller Group is actively researching Florida properties that may become available for purchase," a spokesman for the New York-based investment and real estate firm told Fortune. "There are definitely opportunities for homebuilders to sell some of the land they acquired when the residential market was very strong." FULL STORY

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